The Barents Sea About to Become a New Petroleum Region

The Barlindhaug report of 2005 argues that the business of oil is creeping north. The Norwegians are moving north as demonstrated by the Snøhvit development near Hammerfest. The Russians are also northbound starting to develop the gas fields of Shtokman.

This could result in gas processing plants on several locations in the north, and pipelines pushing gas to the Baltic Sea. It is believed that the historical agreement between Russia and Norway on how to divide the previously disputed area of the Barents Sea will accelerate the development.

Within a couple of decades these changes will happen.

September 2011